Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Solana’s native token is extending an impressive May run that has already carried the market-cap leader among non-EVM smart-contract platforms from $146 at the end of April to as high as $18” in Wednesday trading, the highest daily close recorded since mid-February.
Against that backdrop, independent analyst More Crypto Online (MCO) released a fresh video update outlining why the move is technically “very full but not necessarily overextended or overstretched.” In the clip, MCO reiterates that the advance from the 30 April swing low traces out “a five-wave pattern” and stresses that, because “there was no confirmed top, one more high was still likely especially as long as this micro-support area held.” The micro zone he referenced earlier in the week lay between $159.67 and $168.23, a range Solana tested briefly before powering higher.
Solana Could Surge To $360
Zooming in, the channel’s Elliott-wave count now shows five clean waves even on what MCO calls “the nano level,” a configuration that, in classical wave theory, typically finishes either an impulsive first wave or the terminating leg of a diagonal.
“If it’s a five-wave move, it can be a so-called A-wave,” the analyst explains, which would “result in a B-wave, ideally a higher low, and then a C-wave up.” The alternative—and MCO’s preferred scenario—treats the structure as wave 1 of a much larger impulse that could ultimately “easily get to $360 or higher.”
For traders trying to calibrate risk in the near term, MCO isolates two numbers that matter most. On the upside he names $191.25 as “the next upside level to watch,” describing it as the 61.8 percent extension of waves 1 and 3—a textbook Fibonacci target for a fifth wave.
On the downside he warns that “it takes a break below $172, which is the last swing low, to indicate that a price top has formed in wave 1.” In a follow-up post on X he put it even more succinctly: “5th wave to the upside is confirmed. $191.25 is the next upside level to watch … it takes a break below $172 … to indicate that a price top has formed.”
A clean, high-volume break of $191.25 would confirm that the immediate corrective risk has been deferred; a decisive daily close beneath $172 would instead signal that the first leg of the new advance has exhausted itself and that a retracement toward the upper-$160s or even the mid-$150s is underway.
As ever, traders should remember that Elliott-wave projections are probabilistic rather than predictive. With volatility historically elevated in Solana, position sizing—alongside a clear plan for the two technical levels singled out in today’s analysis—remains the first line of defence.
At press time, SOL traded at $180.
Featured image created with DALL.E, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it’s a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
